It was alleged Mr Wallader had been in discussions with a Turkish national about selling a box of 3000 similar bonds – purported to be worth $US900 billion ($A935.6 billion) – to the Turkish government for a small percentage of their face value.

The court was told he had received the bonds from a couple he met in the Philippines, who told him a priest had asked them to sell the documents in order to help mountain tribes.

It was alleged Wallader signed a number of agreements with the couple, promising to on-sell the bonds, and to split the profits from the sale.

The court was told the fake bonds contained a number of spelling and grammatical errors and that they had been printed on a home inkjet printer.

The Court of Appeal today ordered Wallader be released and entered a new verdict of not guilty after hearing submissions on June 16 about the validity of the conviction.

The court will publish its reasons for overturning the conviction at a later date.